President Bola Ahmed Tinubu has defended his administration’s controversial foreign exchange reforms, insisting that the naira would have become worthless if his government had failed to unify the country’s multiple exchange rates.
Tinubu made the remarks on Friday while addressing supporters at the All Progressives Congress (APC) presidential campaign rally in Uyo, Akwa Ibom State.
Responding to criticism over the naira’s depreciation, the President argued that the currency still retains some value at its current exchange rate of about ₦1,300 to the dollar, claiming that the situation could have been far worse without his intervention.
“If we didn’t take a decision on the day I took over, we would be using wheelbarrows to move our naira because it would have been valueless,” Tinubu declared.
He further dismissed complaints about the exchange rate, insisting that the naira still had purchasing value compared with what he described as the likely consequences of retaining the previous foreign exchange system.
“You’re talking of ₦1,300 to a dollar. Huh, huh, it still has pocketable value. If we had left it, it would have been a wheelbarrow when you go to the tomato market,” the President said.
Tinubu announced the unification of Nigeria’s multiple exchange rates shortly after assuming office in May 2023 as part of his administration’s broader economic reform agenda.
The policy triggered a sharp decline in the naira, which weakened from approximately ₦750 to the dollar to nearly ₦1,900 before recovering to around ₦1,300, according to the figures cited in the report.
The President has continued to defend the reforms despite mounting public concerns over the rising cost of living, inflation and the pressure on household purchasing power.
